ECONOCOM: Stock reboot: ready for recovery
After reviewing our case on Econocom, we believe the current stock price undervalues the company’s fundamentals, despite clear risks and pressure on the business. We upgrade our investment recommendation from Hold to Accumulate and increase our TP from € 3.6 to € 3.9, resulting in a 30% upside.Econocom Group specializes in the management of IT and telecom infrastructures for businesses throughout Europe, U.S. and China. Co. designs and implements products and services for SMEs, corporations or public authorities. It operates through four complementary businesses: IT products and solutions, distributed infrastructures (outsourcing, maintenance and consulting), telecom services and administrative and financial management of ICT assets. Co.'s business segments are as follows: IT Financial Services; Managed Services; Products and Solutions; and Telecom Services.
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